John Carney from CNBC and Felix Salmon of Reuters wrap up the week with the latest headlines from Wall Street and beyond.
John Carney: This is really bad. I think this is probably the worst imaginable jobs report you could get at this point. The projections were way off; the actual number was way below even the lowest number coming out of the official economists who are always asked to project where the number would be. Even on Twitter — which was enormously bearish this morning — the consensus number was above where we came in.
Felix Salmon: I do [agree]. I know that it’s fun to be contrarian and come up with silver linings — and they can do that. If you look at the household report, which comes up with the unemployment figures, there was actually a little bit of good news in there about a large increase in the number of people looking for jobs, an increase in the labor force — and actually an increase in employment, about 440,000 rather than just the official number of just 69,000. But frankly, this was a really, really bad report. Employers are not adding job, and the government really has to act. But unfortunately in an election year, they’re not going to.
For more analysis, listen to the audio above.
We’re here to help you navigate this changed world and economy.
Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.
In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.
Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.